Gary loaned Jerry 300 at an interest rate of 10% a year. How much interest will gina get if gary pays gina after six months
If the loan term is six months, then the interest will only be calculated for that period.
The interest rate is annually, but since the loan term is six months, we divide the interest rate by 2 to get the interest rate for six months: 10% / 2 = 5%.
To calculate the interest amount, we multiply the loan amount (300) by the interest rate in decimal form: 300 * 0.05 = $<<300*0.05=15>>15.
Therefore, Gina will get an interest of $15 if Gary pays after six months.